September 30, 2016 | by Staff
The future of the cannabis industry promises to be very lucrative. It largely rests on the shoulders of amateurs who have decided to try their hands on something more serious than merely raising some product in their basements. But, going into business for yourself does not make you an entrepreneur. Likewise, opening a retail store for adult-use marijuana, where it is permitted, does not make you a cannapreneur. Before you take the risk, ask yourself: What is the future of a cannapreneur?
Where legalized, ambitious growers and dealers may think they can open a shop at a high-traffic corner. A cannapreneur does it with a certain passion, optimism about risk, technological smarts and some marketing savvy.
Like an entrepreneur in other fields, the cannapreneur introduces something new, something that changes how we look at things and something that redefines the direction of the business.
Security: Regulation and practical experience has increased the need for comprehensive security systems in retail stores, medical dispensaries and growing farms. And, given that security is now tech-driven, creating innovative and dynamic solutions is a wide open market.
Asked why he went into the business, Michael Julian, President/CEO of MPSI Security, said, “It seemed like a blue ocean of opportunity, and we all wanted to jump in with both feet.”
Lighting: The market performance over the first couple of years of legalization has seen the volatile response to erratic supply chains and a shortage of product meeting regulatory guidelines. If seed-to-sales tracking continues to rule, farming and harvesting have to become more efficient. With heavy taxes, the continuing federal ban and restricted advertising, retail sales must find savings in process and sourcing.
Staffan Hillberg, CEO of Heliospectra indicates that, “the passion has always been about how to grow plants more efficiently while creating a much higher quality product regardless of the type of plant.”
Automation: As with any consumable, farm to market issues directly impact cost. And, cost can make or break competitors in the eyes of consumers. Like other producers and processors in food, agriculture and pharmaceuticals, compliance, quality and consistency need software applications to expedite, track and deliver goods.
Edward Querfeld, CEO/CTO of Robotanical, created the AtomFill to fill vape pens and cartomizers with botanical oils, tinctures and other derivations, saying, “Creating something that addresses specific needs felt by the broadest audience is the key to a great product.”
It’s already catch up time as entrepreneurs race to introduce innovative solutions to identified and as-yet unidentified needs. In time, they will face and solve problems in research, cultivation, marketing, delivery, mobile apps, HVAC, inventory software, point-of-sales systems and more.
Retail cannabis sales have fast become a normal business seeking and facilitating advances in all it takes to better serve customers their product. There are numerous entities involved including:
Like any entrepreneur, many cannapreneurs will fail. They might fail for any number of reasons including because they reach too far, lack the resources or manage their plan poorly. Those who succeed will do so because of their ability to realize their vision, courage and delivery at the right time and right place. In an economy as promising and revolutionary as the cannabis market, that makes big money.
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